Digital Dollars on the Horizon? FASB Launches Study Amid White House Push for Clarity
The nation’s main accounting rulemaker, the Financial Accounting Standards Board (FASB), has kicked off critical research into how companies will …
Thomson Reuters Tax & Accounting News
Direct File Programmers Not Giving Up on Dream of a Cost-Free Tax Season
Though it may seem like the IRS’ free tax filing option available for its first full tax season this year …
Stablecoin Payroll Gains Momentum, but IRS Rules Pose Compliance Challenges
Startups in the Web3 and decentralized finance (DeFi) sectors are increasingly turning to stablecoins like USDC and USDT for payroll, …
Self-Reporting Misconduct Can Be Beneficial for Practitioners, OPR Says
Tax practitioners who self-report Circular 230 violations may avoid harsher sanctions and qualify for favorable settlements, the IRS’ Office of …
IRS Proposes Rules to Update Standard for Determining Line of Business for No-Additional-Cost Services, Qualified Employee Discount Exclusions
Notice of Proposed Rulemaking: Determination of Line of Business for Purposes of No-Additional-Cost Service and Qualified Employee Discount Fringe Benefits, …
CBO Analyzes Distributional Effects of Budget Act
The lowest-income earners will lose an average $1,200 in overall household resources each year resulting from the Act of 2025 …
Billy Long Out as IRS Chief After 2 Months
The commissioner carousel at the IRS continues to leave a revolving door atop the agency, as President Trump is moving …
Social Security Bill Proposes New Inflation Measure, Tax Changes for High Earners
Senator Mazie Hirono (D-HI) and Representative Jill Tokuda (D-HI) have introduced the Protecting and Preserving Social Security Act to address Social Security’s …
CPAs Say IRS Must Clarify Retroactive Research Expense Deductions
The IRS needs to issue guidance clarifying the retroactive provisions of the Act of 2025 (P.L. 119-21) that altered the …
Clean Energy Sector Bracing for Credit Phase-outs, Foreign Entity Rules: Tax Pro
One month after the enactment of the tax package formerly known as the One Big Beautiful Bill, clean energy stakeholders …
Amid Legislative Push for Crypto in Pensions, New Report Urges States to Enact Prohibitions
As a growing number of U.S. states consider or enact legislation allowing public pension funds to invest in cryptocurrency, a …
Nonprofits Oppose New IRS Stance on Church Political Activities
Over 1,500 nonprofits have signed onto a letter urging President Trump and the IRS to maintain a long-standing prohibition on …
Will the SEC Replace the Entire PCAOB Board—Again?
Now that the Securities and Exchange Commission (SEC) is seeking candidates to serve as Public Company Accounting Oversight Board (PCAOB) …